English Premier League clubs and their shareholders have ratified the rules governing financial regulation of football clubs, on Thursday.

The regulations have come about against the backdrop of UEFA's Financial Fair Play (FFP) rule initiative.

The plans promise two significant controls: To limit players' wage bills from 2013/14 season. It is also a longer-term measures that will restrict the amount of losses clubs can make to £105million over three years.

Clubs whose total wage bill is more than £52million will only be allowed to increase their wages by £4million per season for the next three years, but the cap does not cover extra money coming in from increases in commercial or matchday income.

The ceiling when the wage increase restrictions kick in will be £52million next season, £56miliion the following year and £60million in 2015-16. Only seven of the current top-flight clubs would be under that ceiling at the moment.

Despite many Premier League clubs not falling under the ceiling, about 95% of clubs in attendance gave their approval to the new rules as it is seen as an ideal measure for clubs to spend within their earnings